Teardowns are the enemy of affordable housing. People buy old homes, tear them down and build luxury homes to replace them. In this Minnesota town, Edina, nearly 1,000 homes have been demolished since 2008. The result? People can no longer afford to live in these neighborhoods. These statistics tell the story:
- The average value of Edina’s teardowns: $421,420.
- The average value of the homes built in their place: $1,165,786.
This town has launched a program to save affordable homes
The city mailed more than 1,000 post cards asking the question, “Do you want to sell your home but not for a teardown?” The city partnered with a local land trust to set up the program. Under it, Edina would make funds available to buy a limited number of houses for their appraised values to assure those homes remain intact and with families needing more affordable options. Read more